Xstrata up, sees lower commodity price trend reversing

EmilyChurch

LONDON (CBS.MW) -- Shares of Xstrata
uk:xta
the metals and mining group, rose 3 percent in London markets after the group said revenue in the six months to June 30 rose to $1.157 billion from $957.2 million in the year-ago period, boosted by higher sales volumes in Coal and Alloys, higher prices for ferrochrome and the acquisition of the Nordenham zinc smelter. "Commodity prices in general were slightly lower in the period compared to the corresponding period last year; this trend is now reversing," it said. Attributable profit declined to $76.8 million from $112.9 million, impacted by a weak dollar. "The group is now well positioned to capture fully the benefits that will accrue from recovering world markets and commodity prices. Save for the ongoing strength of the South African Rand, in particular, as well as the euro and Australian dollar, the outlook for the coming year is most encouraging," it said.

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